Questions about First Time Filing Single Member LLC in Ohio

[heldmacm]

Hello,

Prior to 2022, I had a partnership with one other person, and he always handled the taxes for us, so my only involvement was to input what he sent me via a K-1 with my personal return.  However, in early 2022, he decided he wanted out of the business, so he dissolved our old LLC, and I started a new one in Ohio, for which I am and will remain the sole member.  From doing a bit of research on here a few weeks ago, my understanding is that I will still need to file a 1065 for informational purposes only, and the income will pass through to my individual tax return, as has been the case in previous years with our old LLC through the K-1 I was provided.

I purchased the desktop version of TurboTax Home & Business to file both my individual and business taxes, and I believe I've entered in everything for both the business and Personal Income, but I've not yet filed the return.  I want to make sure I've done everything correctly so that I don't have to do an amended return.  When I look at the forms list, I don't see a 1065, and my understanding is that I should since I'll need to send this to the IRS for informational purposes only.  Is that understanding correct, and if so, should I be seeing a 1065 in my list of forms, or does indicate I've missed completing a section(s) that generates this form?  Finally, if a 1065 is required to be filed with the IRS, does Ohio require this form to be filed with them, as well, for single member LLCs?  Thanks in advance for any assistance you can provide.

[MarilynG1 · Accepted solution]

As a single-member LLC, you don't have to file a Form 1065.  Your Business Income and Expenses will be reported on Schedule C in your individual return.

Here's more info on Single Member LLC's.

[heldmacm]

Thank you - that is very helpful, and I see that information on Schedule C within the Forms section of TT Home and Business.  Just to confirm, beyond entering the LLC-related information every year as part of my individual return, it doesn't sound like I need to do anything else special, such as file anything related to the LLC with the IRS and/or Ohio, right?  I don't think so, but I just want to make sure my bases are covered.

Finally, I usually purchase TurboTax Deluxe (desktop) to file my individual taxes but decided to pay the extra money this year to purchase TT Home and Business since it was the first time I was entering anything related to an LLC I own.  It's my understanding that moving forward, I should be able to use TT Deluxe (desktop) in lieu of Home and Business to cover my scenario of filing individual taxes with a single member LLC - is that correct?  Thanks again for your help.

[AliciaP1]

No, and No.  You do not need to file any additional forms for your LLC with either the IRS or Ohio besides your Schedule C.  You cannot use TurboTax Deluxe to report Schedule C income.  You will need to either use TurboTax Home & Business CD/Download or TurboTax Online Self-employed to file your returns going forward.

See TurboTax products for more specifics about what each version covers.

@heldmacm

[VolvoGirl]

Yes you can use any Desktop version to file schedule C.  All the Desktop programs have all the same forms, you just get more help in the Home & business version.  The H&B version will also let you prepare any W2 or 1099NEC forms to give to people you pay.  

Next year  you can transfer a Home & Business return into Deluxe, etc.  

[heldmacm]

Thank you both - since the above two answers appear to conflict, does anyone else want to weigh in on what version will get me by next year? Do keep in mind this is the desktop version of Deluxe I'd be buying, if it matters.  Thanks again.

[VolvoGirl]

Here is a list of forms in the Desktop program.  It doesn't list any versions.  Schedule C is listed.

https://turbotax.intuit.com/personal-taxes/irs-forms/ 

I am sure.  I've been posting here for over 10 years.